US CPI eases slightly less than expected in February

The cost of living slipped less than expected last month as a jump in food costs more than offste a large decline in energy prices.

According to the Department of Labor, the headline rate of consumer prices in the US edged up at a 0.1% month-on-month and 2.3% year-on-year clip in February.

That was less than the 2.5% rise observed in January but ahead of the 2.2% anticipated by economists.

Food prices jumped by 0.4% on the month but energy prices dropped by 2.0%.

It was a similar story at the 'core' level, with CPI up by 2.4% on the year, versus forecasts for the rate of increase to have remained at January's 2.3% clip.